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Dec 31, 2023
BioCryst Q4 2023 Earnings Report
Reported financial results for Q4 2023 and full year ended December 31, 2023.
Key Takeaways
BioCryst reported Q4 2023 total revenues of $93.4 million, driven by ORLADEYO net revenue of $90.9 million. The company's net loss for the quarter was $61.7 million, or $0.31 per share. They anticipate operating profit in 2024 and approaching positive EPS and cash flow in the second half of 2025.
ORLADEYO net revenue reached $90.9 million in Q4 2023 and $326.0 million for FY 2023, representing 30% year-over-year growth.
Total revenues for Q4 2023 were $93.4 million, compared to $79.5 million in Q4 2022.
R&D expenses for Q4 2023 decreased to $70.1 million from $73.2 million in Q4 2022.
Net loss for Q4 2023 was $61.7 million, or $0.31 per share, compared to a net loss of $71.5 million, or $0.38 per share, for Q4 2022.
Forward Guidance
The company expects full year 2024 global net ORLADEYO revenue to be between $380 million and $400 million and expects to achieve a full-year operating profit in 2024.
Positive Outlook
- Full year 2024 global net ORLADEYO revenue expected to be between $380 million and $400 million.
- Company expects full year 2024 operating expenses to be between $365 million and $375 million.
- R&D expenses in 2024 will be reduced by between $20 million and $30 million versus 2023.
- Company expects to achieve a full-year operating profit in 2024.
- Company expects to be approaching quarterly positive earnings per share (EPS) and positive cash flow in the second half of 2025.
Challenges Ahead
- The general pattern of revenue throughout 2024 is expected to be similar to past years, with the seasonal impact of prescription reauthorizations and the potential impact of the Inflation Reduction Act in the first quarter driving a quarter-over-quarter revenue decline in the first quarter.
- SG&A expenses are expected to increase by $20 million in 2024.
Historical Earnings Impact
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